I put a series of photos above my bed. The scale ended up being way off, especially in my room which has very, very high ceilings. However, I still do like this sort of look. Either one very large print (stretched on canvas, preferably), or a series of several 8x11s matted and framed would be nice, as well. I also have a painting on another wall that I may move over. I think homemade art, by either yourself or a friend, is always a nice touch. Lightboxes are also neat.

anything that appeals to you will work. try carved wood panels, a sunburst mirror, a painting, a horizontal row of small framed prints, a collection of hats or beautiful slippers, a dress you had as an infant encased in a plexiglass box, the list is endless.

I stretched two large squares of fabric - 36 in by 36 in - and hung them centered over the bed. I don't have a headboard, so the large size of the squares gives the bed some height. Plus it was pretty cheap.

i seem to be having doubts about everything i do lately, but have found photoshop a good let's see how it looks without buying it tool.
good luck.

I once had a very large glass framed painting over our bed. It was hung very securely. Since I like to move things around in my apartment, one day I decided to move the painting to the dining room. Less than a week later, my husband and I awoke in the middle of the night to a terrible crash. We jumped out of bed and discovered that the glass in the painting had broken. The painting had not fallen, but the glass had shattered and was all over the floor.
I will never again have something with a glass frame, or something heavy for that matter, above my head as I sleep. If that painting had still been over the bed when it broke that night, my husband or I could have been seriously injured or disfigured.
Now we have flat canvas panels attached to the wall above our bed that we have painted a mural on. I would also consider, for myself, paintings on stretched canvas or fabric hangings (like the kind Inhabit sells).

i used markers on a piece of posterboard, and then framed the artwork in a big 24" by 36" frame from AC Moore

it was super cheap!

http://www.flickr.com/photos/foohqwah/323122946/

A friend has a big wall where she has a bunch of old empty fames bought at antique stores. You can sraypaint them either black or white, or leave them if they kind of go together. They are a variety of shapes and sizes, but are all pretty ornate, which goes well in contrast to her more modern home. And because they are all monochrome, they look like a set, but not too matchy-matchy, which I hate.
Alternatively, a stretched canvas like the Merimekko ones at CB@ are huge, cheap, and very cool. I think I'm getting one for Xmas!

You could take a scarf or blanket and suspend it on a simple decorative rail that hangs from a string. Very easy and zen.

The wallpaper framed above the bed in this photo is that made by my dear friend, Karen, of Namarococo. I'm a big fan of wallpaper - there are so many gorgeous ones out there right now - but because I rent, I can't take advantage of them in their traditional application. I have one of Karen's papers framed in my home as art and it's one of my most favorite things. btw - I have all my framing done with plexi glass- lighter, easier to hang, and far less dangerous in an over-the-bed treatment.

The use of molding also helps define the "headboard space" and because its so inexpensive (and impermanent) you can make a grand statement without needing to take up more space.

I did a similar treatment in my bedroom for the Fall Colors contest -#18 in the midwest.

Where around here is there an AC Moore though? (Here being Chicago) I didn't think they had any locations in the Midwest.

solaana, go to Good's or Pearl Paint.

At my old apartment I had my vintage purse collection hanging from tiny hooks on the wall. It was lovely, especially since there are many I don't use regularly.

Hang this rug except hang it the long wat:

http://kayingleside.com/headboard.jpg

http://sanfrancisco.apartmenttherapy.com/sf/121906/top-ten/top-ten-bath-rugs-015891

I have a stuffed carcass of my belated husband above my bed. It makes the room feel so homey and brings back good memories.